Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
To transfer property out of a trust after death, you would need to have your estate attorney create the appropriate transfer documents and file them in the appropriate places.
How to Transfer Real Estate Out of a Trust After Death
To transfer a building, house or an apartment out of a trust after death, your attorney will draft a Deed. For a co-op apartment, the transfer is not a deed but a co-op shares certificate. They will also fill out the New York reporting forms, which may include:
-
RP-5217 – NYC Real Property Transfer Tax Return
This shows details of the property transfer transaction and indicates that it’s a transfer from a trust so there’s no NYC Real Property Transfer Tax.
-
RETT – Real Estate Transfer Tax Forms
This hows details of the property transfer transaction and indicates that there is no New York State Real Estate Transfer Tax. Common RETT forms are TP-584 for regular transfers and TP-584-NYC for transfers involving NYC properties specifically.
-
TP – 584. Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate
This consolidated form handles letting the government know that there is no NY State Transfer Tax and that no mortgage was issued for this transaction.
-
A Copy of the Trust
You may need to file a copy of the trust to the County Recorder’s Office.
You may need some other forms but they are not as common in transferring property out of a trust after death. Statement of Partnership Authority (SOPA). If the property is transferred into or out of a legal partnership, a SOPA may be filed showing the partnership details. For commercial property transfers, a NYC Real Property Income and Expense (RPIE) form may be required showing details of income and expenses related to the property.
Other affidavits and forms may also be required related to residency status, smoke detector affidavits, compliance notifications, etc. But the main transfer tax payment forms (RP-5217, RETT, TP-584) along with whatever else is required for your particular property transfer.
For a co-op apartment, the transfer is through the co-op management issuing new stock certificates and a proprietary lease. You would need to get in touch with the co-op management company to get those documents. The New York reporting forms will still be required.
How to Transfer a Financial Account Out of a Trust After Death
To transfer a financial account, you would have to bring the trust and a death certificate to the financial institution and they will transfer the property for you in accordance with the terms of the trust.
If you need an attorney to transfer property out of a trust after death, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
